NAME AND ADDRESS OF THE PETITIONER
Engro Energy (Private) Limited
7th Floor, PNSC Building
MT Khan Road
Karachi
GROUNDS AND THE FACTS FORMING THE BASIS OF THE TARIFF
PETITION
Engro Chemical Pakistan Limited (ECPL) submitted a proposal to the Government of
Pakistan’s Private Power and Infrastructure Board (PPIB), Ministry of Water & Power,
on October 18, 2005 to develop an innovative, fast-track project of 150 – 250 MW
capacity combined cycle power plant at Daharki based on permeate gas from Qadirpur
gas field.
The PPIB issued a letter of interest (LOI) to ECPL on January 6, 2006 for approximately
150 MW Gas-based power generation project.
The project company, Engro Energy (Private) Limited (EEL), was incorporated on
February 28, 2006 under the Companies Ordinance, 1984, and 7th Floor, PNSC Building,
MT Khan Road, Karachi, being its registered office.
Pursuant to the LOI, in January 2006, a detailed feasibility study was awarded to M/s
Fichtner of Germany and M/s Hagler Bailly were engaged to conduct the Environmental
Impact Assessment (EIA).
A draft feasibility report was submitted to the PPIB in April 2006. Fichtner
representatives and Engro team made a presentation to the PPIB/Panel of Experts (POE)
on May 5, 2006 explaining the salient features of this unique project based on permeate
gas.
The POE communicated their observations/concerns on the draft feasibility on June 9,
2006. These suggestions/comments made by POE were addressed and incorporated in the
final draft of the feasibility report which was submitted to the PPIB on August 17, 2006.
The PPIB/POE approved the feasibility study on September 20, 2006 and advised ECPL
to file an application with National Electric Power Regulatory Authority (NEPRA) for
Tariff determination.
The feasibility study indicates that GE 9E and Alstom GT 11N2 are the viable options for
producing 175 to 180 MW power with the 75 MMSCFD allocated quantity of permeate
gas. In case an additional quantity of 9-10 MMSCFD higher calorific gas (HCG) is made
available to the project along with 75 MMSCFD permeate gas, then Siemens SGT5 –
2000E shall also be the suitable option with higher output (246MW) and better
efficiency.
The permeate gas which could not be utilized in the Gas Turbine would need to be flared.
In order to ensure that all the allocated quantity of permeate gas shall be utilized, a
supplementary firing in HRSG has been proposed to provide additional 50 MWs.
Key components and parameters of the tariff based on GE 9E with supplementary firing
are as follows:
Gross Plant Capacity (MW) @ ISO conditions with 75MMSCFD gas
Gross Plant Capacity (MW) @ Mean Site Conditions
Net Plant Capacity (MW)
Notional Plant Load Factor
226.52
223.80
216.80
60 %
SCHEDULES OF CHARGES, COSTS, UNITS, PRICE AND OTHER ITEMS
COMPRISING THE PROPOSED TARIFF
OPERATIONAL AND FINANCIAL ASSUMPTIONS
Plant Design and Operational Assumptions
Gross Plant Capacity @ ISO Conditions
226.52 MW
Gross Plant Capacity @ Reference Conditions
223.80 MW
Auxiliaries Consumption
7.00 MW
Net Plant Capacity @ Reference Conditions
Gross Thermal Efficiency on permeate gas with
supplementary firing
Net Thermal Efficiency on permeate gas with
supplementary firing
Heat Rate on permeate gas at full load with
supplementary firing
Net Plant Capacity @ Reference Conditions on
HSD without supplementary firing
Net Thermal Efficiency on HSD without
supplementary firing
Heat Rate on HSD at full load without
supplementary firing
216.80 MW
Capacity Factor
47.00 %
45.53 %
7907 KJ/KWh
155.30 MW
45.26 %
7953 KJ/KWh
Degradation/partial loading
60 % Notional
As per heat rate/performance curves
from the Manufacturer
HHV of permeate gas
565-625 Btu/Scf
Plant Design point HHV
572 Btu/Scf
Permeate Gas H2S Contents
Less than 320 ppm
Permeate Gas Price @ HHV (Same as Natural
gas)
264.90 PKR/MMBtu
HHV - LHV factor
0.9015
Permeate Gas Price @ LHV
293.84 PKR/MMBtu
HSD Price delivered at site
37.70 PKR/Litre
Backup Fuel
HSD
HSD Storage
Seven (7) days
Reference Conditions
Ambient Temperature
27 C
Relative Humidity
60%
Site Altitude
75 meter above sea level
Financial Assumptions
EPC Cost
168.00 Million US$
Project specific EPC Cost
10.00 Million US$
Project Development Cost
6.70 Million US$
Services
12.83 Million US$
Total CAPEX (excl. IDC)
197.53 Million US$
IDC
Return on Equity
Commissioning
17.32 Million US$
during
Construction
&
9.12 Million US$
Financing Fee
3.33 Million US$
Foreign loan registration Stamp Duty
1.67 Million US$
Total CAPEX
228.97 Million US$
Term of agreement
25 years
IRR on equity investment
15%
Debt: Equity Ratio
75:25%
Funding
Interest Rate
Equity in PKR; Debt in US $
LIBOR(5.4%) plus 3.5% on foreign
loan & KIBOR plus 2% on local loan
for working capital
Tenure of foreign exchange loan
10 years + 2.33 years Grace Period
Number of Principal & Interest payments per year Two semi annual payments
Discount rate for calculating Levelized tariff
10%
Reference Exchange Rate
1 US$ = 61 PKR
Working Capital Requirements
HSD Stock of 7 days
6 Months DSRA (Debt Service
Reserve
Account)
Lender’s
Requirement
Spare parts for a period of 3 years
Indexation Assumptions
Variable O&M – Local
Local WPI
Variable O&M – Foreign
US CPI and USD/PKR indexation
Escalable Component – Local
Local WPI
Escalable Component – Foreign
US CPI and USD/PKR indexation
Debt
Fuel Component
Changes in 6 month LIBOR plus
USD/PKR indexation
Change in fuel price plus adjustment
for part load operation and for
degradation (Recoverable and Non
Recoverable)
GENERAL ASSUMPTIONS
The following has been assumed while calculating the tariff. Any changes to these
assumptions will result in a change to the proposed tariff.
¾ Customs duties on the import of plant, equipment, material and spare parts are
considered @ 5%. Any change in the customs duties or any other duty or tax on
import of equipment & material will be “pass through” to the Power Purchaser.
Similarly, customs duties on spare parts after COD will be “pass through” to the
Power Purchaser.
¾ Only 6% withholding tax on local services assumed. No other taxes on payments
to be made to the EPC Contractor assumed. Any additional tax, if levied, will be
“pass through” to the Power Purchaser.
¾ 7.5 % withholding tax on dividend payment assumed. Any change in the aforesaid
withholding tax regime will be “pass through” to the Power Purchaser. General
sales tax and all other taxes will also be treated as “pass through”.
¾ Zakat deduction on dividends (currently @ 2.5%), as required to be deducted
under Zakat Ordinance, is considered as “pass-through”.
¾ Debt is assumed in foreign currency (USD) and Equity is assumed in local
currency (PKR).
¾ The Return on Equity for the construction & commissioning period shall be
adjusted at the time of COD according to the actual Equity disbursement during
such period.
¾ Power purchaser/NTDC shall be exclusively responsible for the financing,
construction, operation and maintenance of the Interconnection and Transmission
Facilities.
¾ Exchange Rate (PKR/USD) is taken @ PKR 61 per USD.
¾ No cost of utilizing NTDC telecom media is assumed. Any costs incurred with
regard thereto will be treated as “pass through”.
¾ Main Energy meter and electronic recorder for continuous recording of readings
will be provided by NTDC at its own cost.
¾ No cost for main gas metering station is assumed. It is assumed that it shall be
provided by gas supplier at its own cost.
¾ Tolerance band of ± 3 % in dispatch is assumed.
¾ Thirty days per year Schedule Outage for Washing and Combustion Inspection;
forty-five days for Washing and Hot Gas Path Inspection and sixty days for
Washing and Major Overhaul have been assumed. Five hundred hours per year
for Forced Outage are assumed. During these periods, full capacity payments
shall be paid by the Power Purchaser.
¾ Cost of seven (7) days HSD storage (100% load @ reduced Contract Capacity of
155 MW) is assumed in the working capital.
¾ Working capital for bridge financing to cover the lag between payments to be
made to the Gas Supplier and payments to be received from the Power
Purchaser/NTDC is not considered as per assurance of Power purchaser that
Power Purchaser shall pay the Seventy percent (70%) of Capacity payments in
advance every month from COD. In case it is not given then the working capital
of 15 days Fuel (Gas) cost shall be considered & financial cost shall be passed to
Power Purchaser.
¾ Fuel cost component for energy delivered before COD and all the testing after
COD shall be paid by the Power Purchaser to the Company. Capacity Payments
and Energy Payments shall be made during Annual Testing.
¾ No O&M Reserve, Maintenance Reserve Account, Contingency Reserve Account
or any other Reserve account (except DSRA for 6 months) has been considered in
the Tariff model. In case Company is required to do so, the financial impact
would be “pass through”.
¾ The fuel component and Capacity will be adjusted for aging (permanent
degradation), fouling (recoverable degradation) and ambient degradation factors
in order to compensate the effect of performance deterioration by these factors as
per Manufacturer’s curves.
¾ The fuel component will be adjusted for changes in calorific value of the
permeate gas as per Manufacturer’s curve.
¾ In case of 100 % HSD use, degradation will be different and HSD based tariff
shall be applicable.
¾ Partial loading shall be compensated as per performance curves.
¾ Required gas pressure (32 bars) shall be maintained by Gas Supplier at gas inlet
stop valve of gas turbine. Therefore, gas booster compressors and auxiliaries are
to be installed & maintained by gas supplier as per decision of PPIB with OGDCL
& SNGPL (Copy attached)
¾ Additional cost for gas turbine start-up, shut down and part load operation with
HSD or HSD admixture to gas shall be compensated by factors as per gas turbine
Manufacturer recommendation.
¾ No open cycle operation prior to COD assumed.
¾ The Complex will operate in open cycle below 50% load.
¾ The Complex will operate on HSD upto 50% load. Conversion from HSD to gas
will take place from 50% to 60% load.
¾ During the Term, if there is any gas supply interruption (temporary interruption or
annual turn around of supplier), and plant is required to dispatch on HSD, the
Power purchaser will pay HSD based tariff.
¾ Number of Cold, Warm and Hot start-ups will be as per Manufacturer’s
recommendations. Cost of start-ups shall be “pass through”.
¾ For operation and maintenance requirement of plant on permeate gas and HSD,
equivalent operating hours at different loads, fuel, shut down/start-up and trips
shall be considered as per Manufacturer recommendations.
¾ The Power Purchaser shall supply power to the plant during off load period at fuel
component rate.
¾ In case of open cycle mode operation, heat rate / efficiency will be different and
energy component will be adjusted accordingly.
¾ GSA shall be equivalent to the PPA term.
¾ 24 months prior to gas reservoir depletion or in case of sudden/catastrophic failure
of reservoir, Company to get capacity payments from Power Purchaser until GOP
shall allow one of the following:
ƒ
New Gas Allocation;
ƒ
HSD based tariff throughout the year for the remainder of the PPA Term as
per GOP’s Fuel policy;
ƒ
If the plant is required to convert on LSFO then all costs pertaining to O&M,
alternate fuel heat rate, modification cost and alternate fuel storage tanks cost
shall be “passed through” to the Power Purchaser in the form of a
supplemental tariff. Furthermore, the Power Purchaser shall make the
Capacity Payments to the Project Company during the Conversion Period.
ƒ
Termination of the IA and recovery by the Project Company of items “a”, “b”
and “f” under Schedule 2 to the IA.
¾ In case of operation on HSD, the Power Purchaser shall make Energy Payments
on weekly basis to avoid the requirement for the additional working capital.
¾ No post-COD LC in favour of the Power Purchaser assumed.
¾ HSD tariff shall be determined now and agreed to avoid any operational delays.
REFERENCE PROJECT COST
Power plant EPC Cost
168.00 Million US$
Project Specific EPC
Gas pipeline
2.5 Million US $
Residential Colony
4.1 Million US $
Water & waste water pipelines
2.3 Million US $
Access Road
0.3 Million US $
Evaporation Ponds
0.8 Million US $
Total Project specific EPC Cost
10.00 Million US $
Total EPC Cost
178.00 Million US$
Project Development Cost
Permits, Feasibility, ITB, Bid Evaluation etc.
0.73 Million US $
Consultancy Financial (Lenders)
0.70 Million US $
Consultancy (Legal & Commercial)
0.27 Million US$
Company Overhead during Development
2.34 Million US $
Bank Charges for Performance Guarantee,
1.50 Million US $
Land acquisition incl. fees
1.16 Million US $
Total Project Development Cost
6.70 Million US$
Services Cost
Administrative costs of project company
1.94 Million US $
Construction Management
6.49 Million US $
Insurance during construction
2.80 Million US $
Utilities during construction
0.50 Million US$
Fuel cost during testing
0.60 Million US $
First Fill of lubes & chemicals
0.50 Million US $
Total Cost of Services
12.83 Million US$
Financing Cost
Financing Fee
3.33 Million US$
Foreign loan registration Stamp Duty
1.67 Million US$
Interest during Construction
17.32 Million US$
Return on Equity during Construction
9.12 Million US$
Total Cost of Financing
31.44 Million US$
Total Project Cost
228.97 Million US$
KEY FACTORS UNDERLYING THE CALCULATIONS OF THE TARIFF
FUEL COMPONENT
The gas supplier will charge the gas cost based on HHV. A conversion factor of 1.1093
has been used to convert Gross calorific value to Net Calorific value.
The Gross thermal efficiency of 47 % has been assumed. This efficiency number is
relatively on the lower side due to supplementary firing in HRSG. The supplementary
firing option has been incorporated to ensure utilization of all the allocated quantity of
permeate gas (75MMSCFD) and producing more power instead of flaring the balance
quantity of gas thus averting loss of precious and scarce national resource.
The Net thermal efficiency of CCPP based on permeate gas would be 45.53 %.
The proposed thermal efficiency with permeate gas is for 100% loading on a brand new
machine. The following factors are assumed to be applicable to the Fuel component:
¾ Heat rate degradation factor (Recoverable and Non-recoverable) as per
Manufacturer’s data to compensate for the effects of efficiency degradation due to
aging and fouling.
¾ Partial load Heat rate adjustment as per Manufacturer’s data to compensate for the
lower efficiency while operating on partial load.
¾ Part load operation with HSD or HSD admixture to the permeate gas shall be
compensated by factors based on the data from the Manufacturer.
The Gross thermal efficiency while operating on HSD without supplementary firing in
HRSG will be 46.8%. This efficiency number is also relatively on the lower side due to
part load operation of steam turbine @ 50 MW vs. name plate capacity of 127 MW.
The Net thermal efficiency on HSD would be 45.26 %.
The start-up cost shall be charged on the condition of the plant (Hot, Warm and Cold)
prior to start-up.
The fuel component would be indexed with any change in the price of gas.
VARIABBLE O&M COMPONENT
Variable O&M cost component will be part of Energy charge and will be allocated to
local and foreign components.
Local Component
This component mainly consists of lubricants, chemicals for water treatment,
small consumable parts and other supplies which will be procured locally. This
component shall be escalated with local inflation rate (WPI).
Foreign Component
It consists of (i) replacement cost of imported spare parts on completion of their
service life (ii) replacement cost of spare parts in case of premature failure
(unscheduled maintenance), (iii) technical services obtained from foreign experts
during maintenance. This component shall be indexed with US CPI and US$/PKR
exchange rate.
FIXED O&M COST
Local fixed O&M cost
It includes insurance, O&M staff cost, Administrative cost of the Project
Company including remuneration to employees and Chief Executive Officer,
rents, utilities and local taxes. It also includes costs such as NEPRA annual fee,
bank charges for SNGPL bank guarantee, audit fees, legal and consultancy fees
etc. This component shall be indexed to local WPI.
Foreign fixed O&M cost
This component mainly consists of Major overhauling cost which shall be
undertaken as per Manufacturer’s recommendation. It is subject to both US CPI
and US$/PKR indexation.
RETURN ON EQUITY
Equity rate of return is based on 15 % IRR net of 7.5% withholding tax. Equity portion is
25 % of project cost at COD. Equity is based on local currency and shall be indexed to
WPI.
NON ESCALABLE COMPONENT
This component represents repayment of debt. The debt is assumed to be in foreign
currency bearing an interest rate of LIBOR + 3.5 %. The term of the loan will be 10 years
after COD. Principal repayment and interest payment shall be on semi annual basis.
FACTORS INFLUENCING EPC COST & TARIFF
Permeate Gas:
Permeate gas is a low Btu Gas with high Sulphur contents. Due to low Btu nature
of the gas, only few turbines were found to be suitable for operation on this gas.
Also, due to high sulphur contents (320ppm), the exhaust gas temperature of
HRSG has to be kept on the higher side to avoid corrosion due to acid gas
condensation resulting in lower steam generation in HRSG thus causing lower
efficiency. High sulphur contents have also necessitated use of special material in
HRSG to accommodate supplementary firing.
Supplementary Firing:
75 MMCFD of permeate gas has been allocated to Engro IPP. In order to avoid
flaring of balance permeate gas which could not be consumed in gas turbine,
supplementary firing is incorporated into the design of HRSG. This has resulted
in increased capacity of the power plant by 50 MW. However, it has relatively
lowered the efficiency of the cycle slightly as compared to a conventional
Combined Cycle plant based on pipeline quality natural gas.
Black Start Facility, 4 MW Capacity:
The power plant will be capable of black start. This is accomplished by installing
two MV generators of 2 MW each. Moreover, control and switchgear for the
generators will also be installed.
Two extra 220kV Lines (incoming from Fauji IPP lines):
Transmission line between Fauji and Rohri will be looped in and out of the power
plant. This was identified in Load Flow Study conducted by NTDC. Therefore,
Engro IPP has to install four lines as compared to two lines. This has increased
the scope and size of HV switchgear, protection system and ratings of the fault
interrupting devices.
Remote Water off-Take Facility:
Water off-take will be from Ghotki feeder canal which is seven KM away from
the proposed Power Plant. This requires pumping station, water pipeline, right of
way, overhead transmission line complete with poles, conductors, MV switchgear
and transformers.
Reverse Osmosis (RO) Plant:
Well water arrangement has been designed as a back-up when Ghotki canal is
closed for maintenance. A RO plant will be installed at the proposed site to treat
the well water and make it suitable for steam generation.
Construction of Residential Colony:
Since EEL’s power plant will be at a remote location, there is a need to construct
an appropriate residential colony for the staff in order to attract and retain good
quality human resource.
Security:
On account of remote location of the proposed Power Plant, in addition to
construction of a suitable residential facility for the O&M staff, provision of
security for the power plant and the Company’s staff has been budgeted.
Access Road:
Plant is located away from the main road. An access road of approximately 1 KM
shall be built for the proposed Power Plant. This necessitated additional civil
work and right of way.
RELIEF OR DETERMINATION SOUGHT;
The Petitioner requests the learned Authority to kindly approve generation tariff based on
(a) permeate gas and, in the case of non-availability thereof, (b) high speed diesel, as
submitted herein.
EVIDENCE IN SUPPORT OF THE PETITION.
¾
¾
¾
¾
¾
¾
¾
Minutes of Meeting of PPIB dated July 22, 2006
Letter of Interest dated January 6, 2006
Performance Guarantee
Feasibility Study approval letter dated September 20, 2006
75 MMCFD Gas Allocation letter for IPP
PPIB letter to SNGPL for GSA negotiation with ENGRO
Authority Permission to CPPA to procure power from Engro
The Summarized tariff table on Permeate Gas is as follows.
US Cents/KWh
Energy Purchase Price
(EPP)
Capacity Purchase Price (CPP)
Variable O&M
Fixed O&M
Interest on
WC
Total
Escalable
Non
Escalable
Total
Total
0.029
0.117
1.438
2.307
3.745
7.617
0.423
0.029
0.038
1.359
0.000
1.359
5.231
0.869
0.423
0.029
0.070
1.391
0.923
2.314
6.186
0.869
0.423
0.029
0.096
1.417
1.562
2.979
6.851
Fuel
Local
Foreign
Total
ROE
Local
Foreign
Average (Year
3.610
1-10)
0.048
0.214
3.872
0.869
0.423
Average (Year
3.610
11-25)
0.048
0.214
3.872
0.869
Average (Year
3.610
1-25)
0.048
0.214
3.872
Levelized
0.048
0.214
3.872
3.610
Rs/KWh
Energy Purchase Price
(EPP)
Capacity Purchase Price (CPP)
Variable O&M
Fixed O&M
Interest on
WC
Total
Escalable
Non
Escalable
Total
Total
0.018
0.071
0.877
1.407
2.284
4.646
0.258
0.018
0.023
0.829
0.000
0.829
3.191
0.530
0.258
0.018
0.043
0.849
0.563
1.412
3.774
0.530
0.258
0.018
0.059
0.865
0.953
1.818
4.179
Fuel
Local
Foreign
Total
ROE
Local
Foreign
Average (Year
2.202
1-10)
0.029
0.131
2.362
0.530
0.258
Average (Year
2.202
11-25)
0.029
0.131
2.362
0.530
Average (Year
2.202
1-25)
0.029
0.131
2.362
Levelized
0.029
0.131
2.362
2.202
The Summarized tariff table on High Speed Diesel (HSD) is as follows.
US Cents/KWh
Energy Purchase Price
(EPP)
Capacity Purchase Price (CPP)
Variable O&M
Fixed O&M
Interest on
WC
Total
Escalable
Non
Escalable
Total
Total
0.041
0.163
2.008
3.220
5.228
19.183
0.591
0.041
0.053
1.898
0.000
1.898
15.853
1.213
0.591
0.041
0.097
1.942
1.288
3.230
17.185
1.213
0.591
0.041
0.135
1.980
2.180
4.160
18.115
Local
Foreign
Total
ROE
Local
Foreign
Average (Year
13.516
1-10)
0.052
0.387
13.955
1.213
0.591
Average (Year
13.516
11-25)
0.052
0.387
13.955
1.213
Average (Year
13.516
1-25)
0.052
0.387
13.955
Levelized
0.052
0.387
13.955
Fuel
13.516
Rs/KWh
Energy Purchase Price
(EPP)
Capacity Purchase Price (CPP)
Variable O&M
Fixed O&M
Interest on
WC
Total
Escalable
Non
Escalable
Total
Total
0.025
0.099
1.225
1.964
3.189
11.702
0.361
0.025
0.032
1.158
0.000
1.158
9.671
0.740
0.361
0.025
0.059
1.185
0.786
1.971
10.484
0.740
0.361
0.025
0.082
1.208
1.330
2.538
11.050
Fuel
Local
Foreign
Total
ROE
Local
Foreign
Average (Year
8.245
1-10)
0.032
0.236
8.513
0.740
0.361
Average (Year
8.245
11-25)
0.032
0.236
8.513
0.740
Average (Year
8.245
1-25)
0.032
0.236
8.513
Levelized
0.032
0.236
8.513
8.245
PROPOSED REFERENCE TARIFF TABLE (US Cents/KWh)
On Permeate Gas
ENERGY CHARGE
CAPACITY CHARGE
US Cents per kWh
US Cents per kWh
ESCALABLE COMPONENT
TOTAL
Non
TOTAL
TOTAL
Fixed O&M
Interest TOTAL EscalableCAPACITY TARIFF
Local Foreign on WC
LOANS CHARGE Cents/kWh
FUEL
1
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.1663
1.4879
2.3071
3.7950
7.6665
2
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.1663
1.4879
2.3071
3.7950
7.6665
3
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.1663
1.4879
2.3071
3.7950
7.6665
4
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
5
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
6
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
7
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
8
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
9
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
10
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0956
1.4172
2.3071
3.7242
7.5958
11
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
12
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
13
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
14
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
15
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
16
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
17
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
18
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
19
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
20
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
21
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
22
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
23
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
24
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
25
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
YEARS
ENERGY
ROE
Variable O&M
Local
Foreign
CHARGE
AVERAGE TARIFF
YEARS
US Cents/kWh
1-10
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.1168
1.4384
2.3071
3.7455
7.6170
11-25
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0381
1.3597
0.0000
1.3597
5.2312
1 -25
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0696
1.3912
0.9228
2.3140
6.1855
3.6097
0.0477
0.2141
3.8715
0.8690
0.4235
0.0292
0.0964
1.4180
1.5617
2.9797
6.8512
LEVEL.
TARIFF
PROPOSED REFERENCE TARIFF TABLE (Rs/KWh)
On Permeate Gas
ENERGY CHARGE
CAPACITY CHARGE
Rupees per kWh
Rupees per kWh
ESCALABLE COMPONENT
TOTAL
Non
TOTAL
TOTAL
Fixed O&M
Interest TOTAL EscalableCAPACITY TARIFF
Local Foreign on WC
LOANS CHARGE (Rs/kWh)
FUEL
1
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.1014
0.9076
1.4073
2.3149
4.6766
2
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.1014
0.9076
1.4073
2.3149
4.6766
3
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.1014
0.9076
1.4073
2.3149
4.6766
4
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
5
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
6
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
7
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
8
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
9
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
10
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0583
0.8644
1.4073
2.2718
4.6334
11
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
12
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
13
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
14
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
15
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
16
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
17
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
18
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
19
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
20
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
21
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
22
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
23
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
24
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
25
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1911
YEARS
YEARS
ENERGY
ROE
Variable O&M
Local
Foreign
CHARGE
AVERAGE TARIFF
Rs/kWh
1-10
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0712
0.8774
1.4073
2.2847
4.6464
11-25
2.2020
0.0291
0.1306
2.3617
0.5300
0.2583
0.0178
0.0232
0.8294
0.0000
0.8294
3.1910
1 -25
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0424
0.8486
0.5629
1.4115
3.7732
2.2019
0.0291
0.1306
2.3616
0.5300
0.2583
0.0178
0.0588
0.8649
0.9527
1.8176
4.1792
LEVEL.
TARIFF
PROPOSED REFERENCE TARIFF TABLE (US Cents/KWh)
On High Speed Diesel (HSD)
ENERGY CHARGE
CAPACITY CHARGE
US Cents per kWh
US Cents per kWh
ESCALABLE COMPONENT
TOTAL
FUEL
YEARS
Variable O&M
Local
Foreign
ENERGY
Non
TOTAL
TOTAL
ROE
Fixed O&M
Interest TOTAL EscalableCAPACITY TARIFF
Local Foreign on WC
LOANS CHARGE Cents/kWh
CHARGE
1
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.2321
2.0769
3.2204
5.2973
19.2530
2
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.2321
2.0769
3.2204
5.2973
19.2530
3
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.2321
2.0769
3.2204
5.2973
19.2530
4
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
5
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
6
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
7
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
8
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
9
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
10
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1334
1.9782
3.2204
5.1986
19.1543
11
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
12
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
13
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
14
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
15
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
16
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
17
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
18
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
19
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
20
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
21
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
22
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
23
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
24
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
25
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
AVERAGE TARIFF
YEARS
US Cents/kWh
1-10
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1630
2.0078
3.2204
5.2282
19.1839
11-25
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0532
1.8980
0.0000
1.8980
15.8537
1 -25
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.0971
1.9419
1.2881
3.2301
17.1858
13.5164
0.0518
0.3874
13.9557
1.2130
0.5911
0.0407
0.1345
1.9793
2.1800
4.1593
18.1150
LEVEL.
TARIFF
PROPOSED REFERENCE TARIFF TABLE (Rs/KWh)
On High Speed Diesel (HSD)
ENERGY CHARGE
CAPACITY CHARGE
Rupees per kWh
Rupees per kWh
ESCALABLE COMPONENT
TOTAL
Non
TOTAL
TOTAL
Fixed O&M
Interest TOTAL EscalableCAPACITY TARIFF
Local Foreign on WC
LOANS CHARGE (Rs/kWh)
FUEL
1
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.1416
1.2669
1.9644
3.2314
11.7443
2
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.1416
1.2669
1.9644
3.2314
11.7443
3
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.1416
1.2669
1.9644
3.2314
11.7443
4
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
5
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
6
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
7
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
8
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
9
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
10
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0814
1.2067
1.9644
3.1711
11.6841
11
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
12
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
13
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
14
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
15
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
16
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
17
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
18
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
19
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
20
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
21
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
22
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
23
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
24
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
25
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
YEARS
ENERGY
ROE
Variable O&M
Local
Foreign
CHARGE
AVERAGE TARIFF
YEARS
Rs/kWh
1-10
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0994
1.2248
1.9644
3.1892
11.7022
11-25
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0324
1.1578
0.0000
1.1578
9.6708
1 -25
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0592
1.1846
0.7858
1.9703
10.4833
8.2450
0.0316
0.2363
8.5130
0.7399
0.3606
0.0248
0.0821
1.2074
1.3298
2.5372
11.0502
LEVEL.
TARIFF
DEBT REPAYMENT PROFILE (ANNUITY BASED)
Period
Principal
Principal
Repayment
Interest
Balance
Debt
Service
Million $
Million $
Million $
Million $
Million $
1
171.730
5.503
7.642
166.227
13.145
2
166.227
5.748
7.397
160.479
13.145
3
160.479
6.003
7.141
154.476
13.145
4
154.476
6.271
6.874
148.205
13.145
5
148.205
6.550
6.595
141.655
13.145
6
141.655
6.841
6.304
134.814
13.145
7
134.814
7.146
5.999
127.669
13.145
8
127.669
7.464
5.681
120.205
13.145
9
120.205
7.796
5.349
112.410
13.145
10
112.410
8.143
5.002
104.267
13.145
11
104.267
8.505
4.640
95.762
13.145
12
95.762
8.883
4.261
86.879
13.145
13
86.879
9.279
3.866
77.600
13.145
14
77.600
9.692
3.453
67.909
13.145
15
67.909
10.123
3.022
57.786
13.145
16
57.786
10.573
2.571
47.212
13.145
17
47.212
11.044
2.101
36.169
13.145
18
36.169
11.535
1.610
24.633
13.145
19
24.633
12.049
1.096
12.585
13.145
20
12.585
12.585
0.560
0.000
13.145